Tuesday, November 06, 2012

Election Day is here and most voters still don't understandObamacareand how it impacts them. This is especially true for those covered by Medicare.

A Harris poll out this week shows that more than 30 percent of the country would still like to see Obamacare repealed entirely, and another 22 percent would like to see parts of it repealed. The poll also suggests that even two years after the law passed, and after millions of people have started to see real benefits from it, most Americans remain clueless about how Obamacare works. One glaring example: The poll found that 34 percent of Republicans and 21 percent of independent voters erroneously believe the law has increased their taxes. (It hasn't. None of the law's tax provisions kick in until 2013. When they do, they will only affect individuals earning more than $200,000 a year, whose Medicare taxes will increase by 0.9 percent.)

The ObamaCare Medical Device Manufacturing TaxThis 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table.The ObamaCare High Medical Bills TaxThe new ObamaCare provision will raise that threshold to 10 percent, subjecting patients to a higher tax bill. This tax will hit pre-retirement seniors the hardest.The ObamaCare Flexible Spending Account Cap The 24 million Americans who have Flexible Spending Accounts will face a new federally imposed $2,500 annual cap.note the ObamaCare “medicine cabinet tax” which since 2011 has barred the 13.5 million Americans with Health Savings Accounts from purchasing over-the-counter medicines with pre-tax funds.The ObamaCare Surtax on Investment IncomeThe new ObamaCare surtax takes the top capital gains rate to 23.8 percent and top dividend rate to 43.4 percent.The ObamaCare Medicare Payroll Tax increaseThis tax soaks employers to the tune of $86 billion over the next ten years.

Many seniors are still working past age 65 and will be subject to Obamacare taxes. These taxes will raise your cost of health care, the cost of your health insurance (including Medigap) and impact your access to affordable health care.

As long as voters fail to understand the impact of Obamacare this monster tax bill will continue to impact your wallet and your quality of life.[ADDENDUM - HGS] And it's not just ordinary folks who don't "get it." Small business owners, who are already feeling the brunt of this train-wreck, are similarly bereft of clues:

Election Day is here and most voters still don't understandObamacareand how it impacts them. This is especially true for those covered by Medicare.

A Harris poll out this week shows that more than 30 percent of the country would still like to see Obamacare repealed entirely, and another 22 percent would like to see parts of it repealed. The poll also suggests that even two years after the law passed, and after millions of people have started to see real benefits from it, most Americans remain clueless about how Obamacare works. One glaring example: The poll found that 34 percent of Republicans and 21 percent of independent voters erroneously believe the law has increased their taxes. (It hasn't. None of the law's tax provisions kick in until 2013. When they do, they will only affect individuals earning more than $200,000 a year, whose Medicare taxes will increase by 0.9 percent.)

The ObamaCare Medical Device Manufacturing TaxThis 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table.The ObamaCare High Medical Bills TaxThe new ObamaCare provision will raise that threshold to 10 percent, subjecting patients to a higher tax bill. This tax will hit pre-retirement seniors the hardest.The ObamaCare Flexible Spending Account Cap The 24 million Americans who have Flexible Spending Accounts will face a new federally imposed $2,500 annual cap.note the ObamaCare “medicine cabinet tax” which since 2011 has barred the 13.5 million Americans with Health Savings Accounts from purchasing over-the-counter medicines with pre-tax funds.The ObamaCare Surtax on Investment IncomeThe new ObamaCare surtax takes the top capital gains rate to 23.8 percent and top dividend rate to 43.4 percent.The ObamaCare Medicare Payroll Tax increaseThis tax soaks employers to the tune of $86 billion over the next ten years.

Many seniors are still working past age 65 and will be subject to Obamacare taxes. These taxes will raise your cost of health care, the cost of your health insurance (including Medigap) and impact your access to affordable health care.

As long as voters fail to understand the impact of Obamacare this monster tax bill will continue to impact your wallet and your quality of life.[ADDENDUM - HGS] And it's not just ordinary folks who don't "get it." Small business owners, who are already feeling the brunt of this train-wreck, are similarly bereft of clues: